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  "documentTitle": "Danimer Scientific (DNMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-22 00:00:00",
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      "kind": "callout",
      "text": "Since Danimer was not publicly traded until after December 26th, 2020, Pepsi had not recorded it as an “equity securities” investment on their year end filings. As of March 20th, 2021, Pepsi owned $124 million of equity securities. Based on the filings footnotes, “these equity securities were subsequently sold in the second quarter of 2021.”",
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      "text": "No equity securities on December 26th, before Danimer was publicly traded",
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      "text": "$124 million after Danimer was publicly traded",
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      "kind": "callout",
      "text": "Based on the filings footnotes, \"these equity securities were subsequently sold in the second quarter of 2021.\"",
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      "text": "(b) Based on the price of common stock. These are equity securities with readily determinable fair values and are classified as short-term investments. As of December 26, 2020, these equity securities did not have a readily determinable fair value. During the 12 weeks ended March 20, 2021, we recorded a pre-tax unrealized gain on equity securities of $108 million ($82 million after-tax or $0.06 per share). These equity securities were subsequently sold in the second quarter of 2021. See Note 1 for further information.",
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      "text": "“these equity securities were subsequently sold in the second quarter of 2021.” — Pepsi 10-Q (April 15th, 2021, page 19)",
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      "text": "Source: Pepsi 10-Q (April 15th, 2021, page 19)",
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      "text": "Fair Value Measurements table showing Equity securities assets of $124M on 3/20/2021 and $0 on 12/26/2020.",
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      "kind": "title",
      "text": "Pepsi Filings Provide Key Clues And Insights",
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